Planned Gifts: Wills and Trusts

Regardless of age or net worth, making or updating a will and/or trust is one of the smartest and easiest steps an individual can take to plan for their family's future.

Without an up-to-date will or trust, a person gives up the right to distribute his or her estate to family, friends and favorite charitable organizations, like Sharp HealthCare, in the manner they choose. If a person dies without a will or trust, state laws determine how property will be distributed.

At least six important provisions can be made in a will and/or trust:

Bequests — You cannot leave anything to anyone outside your family without a will (or contract) or revocable living trust.

Charitable Gifts — You may wish to play a continuing role in the work of Sharp HealthCare. You may leave a specific dollar amount or a percentage or the residue of your estate to Coronado Hospital Foundation, Grossmont Hospital Foundation or Sharp HealthCare Foundation.

Dependents — You can avoid distributing property to someone who isn't qualified in managing large sums of money, such as a child or elderly relative, through a trust.

Distributions — You determine what becomes of your assets, which family members receive specific assets and in what proportions and when they are to receive the assets.

Memorials — You can pay special tribute to a loved one by perpetuating his or her personal dedication to the ideals represented by a particular charity.

Personal Representative — With a will and/or trust, you determine who will settle your affairs. Without a will or trust, the court will name an estate administrator and approve a fee for his/her services.

To learn more about wills and trusts and other planned giving opportunities, please contact Norm Timmins at 619-740-4315.